Introducing a bespoke mortgage product for medical professionals
After speaking extensively with our mortgage brokers and customers, we are delighted to introduce a new mortgage product specifically designed for medical professionals – offering them enhanced terms and a better deal.
The Medical Professional Mortgage Product is designed specifically for cases where the applicant, or one of the applicants in the case of a joint mortgage, is a medical doctor, surgeon or dentist. They might be looking to purchase a property, re-mortgage from another lender, or raise capital against equity in a property.
This new product also allows our customers to borrow a higher amount against their income compared with standard mortgage products, subject to meeting affordability rules. Sole customers will be able to borrow up to 5.5 times their sole income (the standard criteria is a multiple of 4.5) while joint customers will be able to borrow up to 5.0 times their joint income (the standard criteria is a multiple of 3.5).
The new products are available to customers from October 1, 2020.
“We are constantly reviewing what we do based on feedback from customers, brokers and our wider analysis of the mortgage landscape to ensure we are competitive where relevant in the current market,” said Alun Williams, our chief executive.
“In this case, we wanted to develop a product that would reflect the current and future earnings potential of some of our clients who work in the medical profession. We are delighted to be able to roll this product out from October 1; we have already had very good feedback from our network of brokers.”